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<p>The crypto markets saw a boost after the latest U.S. inflation data came in cooler than expected. The Consumer Price Index (CPI) rose 3.3% over the last 12 months through May, below expectations of a 3.4% increase. The more closely watched core CPI, which strips out volatile food and energy costs, rose 3.4% year-over-year compared to estimates of 3.5%.</p>
<p>The milder inflation prints reinforced hopes that the Federal Reserve could soon pause its aggressive rate hiking campaign aimed at taming high prices. Bitcoin, the largest cryptocurrency by market cap, surged above $69,000 briefly after the CPI release before paring some gains. It was trading around $68,800 by early afternoon, up over 2% on the day.</p>
<p>"Bitcoin already knows CPI and the Fed won't be a major bearish catalyst," said one analyst. "It's a highly intelligent global macro asset." The crypto market appears to be pricing in the increasing likelihood that the Fed could start cutting rates later this year or in 2024 if inflation keeps decelerating.</p>
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<p>At the subsequent Fed meeting, Chair Jerome Powell acknowledged the favorable inflation trend but reiterated the central bank wants to see more evidence of sustained progress before pivoting away from tight monetary policy. Fed officials' rate projections showed a split outlook, with some penciling in one or two rate cuts this year while others saw rates staying elevated.</p>
<p>Despite Powell's hawkish rhetoric, traders saw the lack of an explicit pushback against rate cut bets as a green light for risk assets like crypto and tech stocks to rally. However, the Fed chair warned that easing policy prematurely could reverse the disinflationary progress made so far.</p>
<p>The trajectory of inflation, labor market dynamics, and economic growth will ultimately determine when and how quickly the Fed downshifts from its most aggressive tightening cycle since the 1980s. Crypto investors will be closely watching upcoming data releases as they weigh the shifting monetary policy outlook.</p>
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Jerome Powell Fed Meeting vs Crypto

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